In a bold projection that speaks to the country’s shifting energy landscape, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has declared that Nigeria is well on its way to becoming a net exporter of petroleum products within the next two years.
This optimistic outlook was shared by Billy Harry, President of PETROAN, during his 65th birthday celebration in Abuja. In a statement released by the association’s spokesperson, Joseph Obele, on Tuesday, Harry expressed confidence that Nigeria’s petroleum sector is finally moving toward self-sufficiency and beyond it, to global competitiveness.
The turning point, he said, lies in Nigeria’s recent surge in local refining capacity. According to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the country has seen a flurry of new investments in refining infrastructure. As of mid-April, the agency had issued a total of 47 licences to establish (LTE) new refineries, along with 8 licences to operate (LTO) and 30 licences to construct (LTC).
This steady growth in refining infrastructure has already begun to reflect in the country’s fuel import statistics. Obele pointed to a remarkable drop in petrol imports from 44.6 million litres per day in August 2024 to just 14.7 million litres per day by April 13, 2025 as evidence that the push for local refining is yielding tangible results.
However, the PETROAN president emphasized that this progress can only be sustained if critical challenges are addressed. Chief among them is the availability of crude oil feedstock for these new refineries. “If our refineries are to thrive, then crude oil must be deliberately allocated for domestic refining,” Harry said. Without such a guarantee, he warned, new facilities could quickly become obsolete or operate below capacity.
Beyond the immediate benefits of reduced import reliance and foreign exchange savings, Harry also spoke about the wider economic implications of a robust local refining sector. “An increase in domestic production of petroleum products will create jobs, stimulate economic growth, and ultimately contribute meaningfully to Nigeria’s GDP,” he said.
PETROAN has expressed its appreciation to the key players driving this transformation. The association commended Engr. Farouk Ahmed, Chief Executive Officer of NMDPRA, for his “innovation and transparency,” which they say have renewed investor confidence in the sector. Praise was also extended to President Bola Tinubu for his policy direction and to the Minister of Petroleum Resources, Senator Heineken Lokpobiri, whose security measures have reportedly helped improve Nigeria’s daily crude oil output.
“President Tinubu’s commitment to creating a conducive environment for energy sector growth is beginning to pay off,” said Obele. “We now have a roadmap that leads to greater independence, economic resilience, and an energy sector capable of meeting both domestic demand and foreign markets.”
Looking ahead, PETROAN pledged to deepen its collaboration with the NMDPRA and other key stakeholders. The goal, they say, is not just to maintain this upward trend, but to position Nigeria as a key player in regional and global petroleum markets.
For an industry long plagued by underperformance and dependency on imports, these developments mark a potential inflection point. If current trends continue and the right policies hold, Nigeria may indeed be writing a new chapter, one in which it exports not just crude oil, but refined value.
